Singapore University of Social Sciences

Mathematics Applications for Economics and Business

Mathematics Applications for Economics and Business (ECO304)

Applications Open: 01 May 2024

Applications Close: 15 June 2024

Next Available Intake: July 2024

Course Types: Modular Undergraduate Course

Language: English

Duration: 6 months

Fees: $1391.78 View More Details on Fees

Area of Interest: Business Administration

Schemes: Alumni Continuing Education (ACE)

Funding: To be confirmed

School/Department: School of Business


Synopsis

ECO304 Mathematics Applications for Economics and Business aims to equip students with the mathematical approach to economic and business analyses. Mathematical formulations are essential to complement empirical and theoretical analyses. The course will cover the fundamental aspects of mathematical notations and models, and forms of linear and non-linear functions. The application of mathematics to economics and business problems further requires understanding of topics including static analysis, calculus (differentiation), and optimisation (with two variables, and with equality constraints). Lastly, the course will also introduce dynamic analysis.

Level: 3
Credit Units: 5
Presentation Pattern: Every July

Topics

  • Notations, mathematical models, and sets
  • Functions
  • Static (Equilibrium) analysis
  • Linear Models and matrix algebra
  • Comparative-static analysis and derivatives
  • Differentiation
  • Optimisation in equilibrium analysis
  • Exponential and logarithmic functions
  • Multivariate optimisation
  • Constrained optimisation
  • Dynamic analysis and integration
  • Further mathematics applications in economics and business

Learning Outcome

  • Illustrate that economic and business problems can be represented by mathematical models
  • Interpret static analysis using linear models
  • Show that problems can be solved using mathematical tools such as differentiation and the Lagrangian method
  • Solve for linear functions in comparative-static analysis using mathematical concepts
  • Analyse optimisation problems under the cases of multiple variables and of constraints
  • Relate static and dynamic analyses to applications in economics and business
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